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Qatar foreign reserves up 12.8% since September 2022

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Qatar’s foreign reserves increased exponentially last month compared to the same period a year ago, as the Gulf state continues to recover and advance economically.

According to figures issued last week by Qatar’s Central Bank, its international reserves and foreign currency liquidity reached 242.739 billion Qatari riyals ($66.668 billion) in September, a 12.8 per cent spike compared to 215.189 billion riyals ($59.102 billion) in September 2022.

That number consisted of the official reserves which increased by around 26.471 billion riyals ($7.27 billion) to reach 183.944 billion riyals ($50.52 billion), as well as the balances of bonds and foreign treasury bills increasing by around 20.674 billion riyals ($5.68 billion) to 132.189 billion riyals ($36.31 billion).

The Qatari Central Bank’s gold reserves also reached 21.226 billion riyals ($5.83 billion), a rise of around 4.004 billion riyals ($1.1 billion) from the previous year, as well as the balances in foreign banks rising by around 1.660 billion riyals ($46 million) to reach 25.334 billion riyals ($6.96 billion).

The significant rise in Qatar’s foreign reserves and the strengthening of its economy represents its projection by many as an emerging market in the Gulf region and is a particularly positive proof of the small state’s recovery following the covid pandemic and the three-and-a-half-year Saudi-led blockade which failed to suppress its economy.

Source: Middle East Monitor

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